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|Potential Impact of New SEC Rules on Cell Tower Securitizations|
Michael S. Gambro, Stuart N. Goldstein, Michael A. McCormack, Frank Polverino, Malcolm P. Wattman; Cadwalader, Wickersham & Taft LLP;
October 6, 2014, previously published on September 30, 2014 On August 27, 2014, the Securities and Exchange Commission (the “SEC”) adopted two final rules implementing new regulations affecting asset-backed securities (“ABS”). The first set of rules, referred to in this memorandum as the “Third Party Reports Rules,”...
|FINRA Requests Comments on Revised Proposal to Adopt Rule Mandating Quarterly Delivery of Customer Account Statements|
Saia M. Smith, Michael R. Weissmann; Bingham McCutchen LLP;
October 6, 2014, previously published on September 26, 2014On September 16, 2014, the Financial Industry Regulatory Authority, Inc. (“FINRA”) requested comments on a revised proposal to adopt a consolidated rule regarding delivery of customer account statements. FINRA Rule 2231 would bring NASD Rule 2340 (Customer Account Statements) and NYSE...
|Disclosure and Collateral Consequences of Enforcement Actions for Regulated Financial Services Firms|
Kenneth E. Burdon, Eben P. Colby, Thomas A. DeCapo; Skadden, Arps, Slate, Meagher & Flom LLP;
October 3, 2014, previously published on October 2, 2014Financial services firms facing enforcement proceedings at the hands of the U.S. Securities and Exchange Commission (SEC) or any other financial industry regulator must consider disclosure obligations in the context of the various collateral consequences that may arise from such proceedings. Firms...
|Foreclosure of Condominium Lien Extinguishes First Deed of Trust|
R. Alex DuFour, Steven L. Dube, William M. Hoffman, William W. Riggins, David L. Weintraub; Linowes and Blocher LLP;
October 2, 2014, previously published on September 19, 2014Lenders beware: A first deed of trust secured by a condo unit in Washington, D.C. might not be safe. In the case of Chase Plaza Condominium Association, Inc. and Darcy, LLC v. JPMorgan Chase Bank, N.A., decided on August 28, 2014, the D.C. Court of Appeals held that a condo association's...
|Regulators Publish Re-proposed Margin Requirements for Uncleared Swaps|
James M. Cain, Warren N. Davis, Daphne G. Frydman, David T. McIndoe, R. Michael Sweeney; Sutherland Asbill & Brennan LLP;
October 2, 2014, previously published on September 24, 2014On September 3, 2014, the Board of Governors of the Federal Reserve System (the Board) jointly adopted, with certain federal banking regulators, re-proposed rules that will require registered swap dealers, security-based swap dealers, major swap participants and major security-based swap...
|Canada - China Agreement to Promote and Protect Reciprocal Investment Coming into Force|
Neill May, Kenneth Wiener; Goodmans LLP - Toronto;
October 1, 2014, previously published on September 16, 2014In a major step to facilitate and grow trade and investment between Canada and the People’s Republic of China, the two countries signed a Foreign Investment Promotion and Protection Agreement (FIPA) in September 2012. The FIPA has now been ratified by both countries, after a significant delay...
|Will or Revocable Trust?|
John D. Sorlie; Bryant, Lovlien & Jarvis, P.C.;
September 30, 2014, previously published by Oregon Estate Planning and Administration Section Newsletter Volume XXXI, No. 2 May 2014 on Spring 2014Guide for determining when a Revocable Trust is the preferred alternative to a Will when preparing an estate plan
|CFPB Issues Special Edition Supervisory Highlights on Indirect Auto Lending|
Neal C. Wise; Jones Walker LLP;
September 29, 2014, previously published on September 25, 2014On September 23, 2014, the Consumer Financial Protection Bureau ("CFPB") released its Supervisory Highlights describing its fair credit supervisory actions in the indirect automobile lending market. According to the CFPB, the term "indirect automobile lenders" consists of...
|MARCOTTE - The Banks and Provincial Laws|
James H. Archer, Ana Badour, Robert P. Metcalfe; McCarthy Tétrault LLP;
September 26, 2014, previously published on September 23, 2014On September 19, 2014, the Supreme Court of Canada delivered decisions in three related appeals from the Québec Court of Appeal that have come to be known collectively as ”Marcotte.” These class actions arose out of a very narrow issue concerning the requirements under the...
|OSFI Issues Final CDOR Guideline|
Ana Badour, Gordon D. Baird, Barry J. Ryan; McCarthy Tétrault LLP;
September 26, 2014, previously published on September 18, 2014On September 12, 2014, the Office of the Superintendent of Financial Institutions (OSFI) issued the final version of Guideline E-20 - CDOR Benchmark-Setting Submissions with respect to the submission process for the Canadian Dollar Offered Rate (formerly the Canadian Dealer Offered Rate) (CDOR)...